Sears Holdings Corp. will be replaced on S&P 500

Also, company says spinoff of Hometown, Outlet stores to shareholders will take place Sept. 7 at $15 per share

August 30, 2012|By Corilyn Shropshire, Chicago Tribune reporter

Sears Holdings Corp. will be replaced on the iconic Standard & Poor's 500 by chemical company LyondellBasell Industries on Tuesday.

The Hoffman Estates-based retailer was replaced because its public float — that's the number of shares held by outside investors — has been "well below the 50 percent threshold for inclusion" for an "extended period of time," S&P said in a statement Wednesday.